China issues new rules on carbon emissions trading
Carbon emissions trading stands as a pivotal policy tool aimed at curbing the emissions of greenhouse gases such as carbon dioxide, through market mechanisms. The implementation of such measures aligns with China's commitment to peaking carbon emissions by 2030 and achieving carbon neutrality by 2060.
The newly introduced regulations consist of 33 articles focusing on constructing the essential institutional framework and ensuring the effective implementation of carbon emission trading policies.
According to the regulations, the supervision and management of carbon emissions trading and related activities fall under the purview of the ecological and environmental departments of the State Council. The regulations also delve into specifics, outlining trading products, methods, and the distribution of carbon emission quotas.
An additional crucial facet of the released regulations involves a commitment to combating data fabrication on carbon emissions. The measures strengthen the primary responsibility of key emission units, bolster the management of technical service institutions, intensify supervision and inspection processes, and tighten sanctions.
China's national carbon emissions trading market began operations in July 2021, and by end-January this year, the market recorded a total trading volume of 444.6 million tonnes, with a cumulative transaction value amounting to Yuan 25.1 billion, Mysteel Global notes.
Written by Rong Zhang, zhangronga@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
CONF: Decarbonization is reshaping global steel industry
May 17, 2024 17:15
8 key takeaways from SEAISI conference, 2024
May 16, 2024 10:00
CONF: LSE professor sees strategic drivers in a world of uncertainty
May 15, 2024 10:30
Japan collaborates with South Korea to address EU's CBAM
Apr 29, 2024 10:00
Mysteel Iron Ore Index
May 17, 2024 19:00
Imported iron ore prices: China's major cities
May 17, 2024 18:22
China iron ore concentrates price index
May 17, 2024 18:09
Iron ore portside prices: Beilun port
May 17, 2024 18:08
Iron ore portside prices: Fangchenggang port
May 17, 2024 18:04